Happy Tuesday everyone! That means it's time for my weekly reverse mortgage interest rate update.
Jumbo Reverse Mortgages (Non-FHA):
Variable Rate Jumbo Reverse Mortgage: 5.95%
Fixed Rate Jumbo Reverse Mortgage: 8.750%
Countrywide or Bank of America Jumbo: Suspended for Brokers
Financial Freedom Cash Account Advantage Reverse Mortgage: Suspended
FHA Reverse Mortgages (Home Equity Conversion Mortgage or ‘HECM')
The HECM rate is down this week to 3.96%. This is based on the One Year CMT index plus a margin of 1.5%.
The fixed rate HECM is at 6.43% to 6.92% (depending on the bank)
Fannie Mae Reverse Mortgage
Home Keeper is at 6.0%
Luke Helm
Reverse Mortgage Professional
Reverse Mortgage Info
New outside blog: http://reversemortgagescalifornia.activerain.com/
Disclaimer: Of course, interest rates do not include closing costs which vary. A reverse mortgage quote will provide the details like closing costs and the Total Annual Loan Cost.
